India's Millionaire Households Nearly Double In Four Years: Hurun India Report

India has become a fast-growing hub for millionaires, with a total number of households with a net worth of at least Rs 8.5 crore seeing a 90% growth since 2021.

The total number of millionaire households has surged to 8.71 lakhs, nearly doubling from 4.58 lakhs in 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025.

Millionaire households now account for 0.31% of all Indian households, up from 0.17% in 2021. Between 2017 and 2025, India has witnessed a 445% increase in Rs 8.5 cr-plus households, which comes on the back of a broad-based surge in stock market gains, entrepreneurship and rapid state-level economic expansion.

Maharashtra leads the millionaire map with 1.78 lakh households having a wealth of at least Rs 8.5 crore or more. Mumbai alone is home to 1.42 lakh of them, firmly positioning itself as India's millionaire capital.

Delhi follows with 79,800, and Tamil Nadu ranks third with a total millionaire household of 72,600.

The report adds that the top 10 states in India account for nearly 80% of India's millionaire households.

As far as cities are concerned, Delhi ranks second with a count of 68,200, followed by Bengaluru (31,600). Emerging centres like Ahmedabad, Pune, Hyderabad and Gurugram are also expanding their share.

“The extraordinary upward mobility we’re witnessing in India shows how affluence is becoming more accessible,” said Anas Rahman Junaid, Founder and Chief Researcher at Hurun India.

While India's millionaire count is modest compared to countries like China or the United States, the recent growth highlights the country's growth runway. The report predicts the number of Indian millionaires to reach 17-20 lakhs in the next decade.

However, the report also points out that the surge remains bottom-heavy, with only 5% of the millionaires in 2017 progressing to the ultra-high-net-worth bracket of over Rs 100 crores and just 0.01% reaching billionaire status.